LNDC - LNDC STOCK NEWS

Landec Corporation (Nasdaq: LNDC) reported fiscal Q2 2021 results, featuring revenues of $130.9 million, down 8.2% year-over-year, while gross profit increased 33% to $20.6 million. The net loss was $13.3 million, impacted by restructuring charges and fair market value adjustments. Adjusted EBITDA rose significantly to $8.7 million, compared to $0.9 million in the prior year. Curation Foods segment showed improvement, with gross margin increasing to 9.4%. The company reiterated its fiscal 2021 guidance, projecting revenues of $530-$550 million. A refinancing of credit facilities was completed, enhancing financial flexibility.

Landec Corporation (Nasdaq: LNDC) has announced a comprehensive refinancing of $245 million in existing credit facilities as of December 31, 2020. This includes a five-year, $170 million uni-tranche term loan with Goldman Sachs and Guggenheim, along with a $75 million asset-based line of credit from BMO Harris Bank. The refinancing aims to improve cash flow and support long-term growth for Lifecore Biomedical and enhance the Curation Foods segment. Although annual interest costs are expected to rise by $6 million, it is projected to generate an additional $6 million in net cash flow annually.

Landec Corporation (Nasdaq: LNDC) announces a conference call on January 6, 2021, at 2 p.m. PT to discuss its fiscal second quarter 2021 results, which end on November 29, 2020. The financial results will be released after market close on the same day. Dr. Albert Bolles, President and CEO, will host the call, joined by CFO Brian McLaughlin and Lifecore President Jim Hall. A Q&A session will follow. Participants can access the call via toll-free and international numbers provided in the release. Replay options are available until January 13, 2021.

Landec Corporation (Nasdaq: LNDC) reported fiscal Q1 2021 results with revenues of $135.6 million, a 2.2% year-over-year decline. Despite this, gross profit increased by 6.6% to $16.3 million. The company reported a net loss of $11.0 million, influenced by $7.8 million in restructuring charges. Adjusted EBITDA surged 890% to $3.1 million. The company reiterated its full-year guidance, expecting revenues between $530 million and $550 million, reflecting a 10% to 7% decline compared to fiscal 2020.

Landec Corporation (Nasdaq: LNDC) will discuss its Q1 2021 financial results on October 6, 2020, at 2 p.m. Pacific Time. The results will be announced after market close on the same day. The call will be hosted by President and CEO Dr. Albert Bolles, CFO Brian McLaughlin, and Lifecore President Jim Hall, featuring a Q&A session. Landec operates two businesses: Curation Foods, focused on plant-based products, and Lifecore Biomedical, specializing in sterile injectable pharmaceuticals. More information is available on Landec's website.

Landec Corporation (Nasdaq: LNDC) announced an agreement to sell its Hanover manufacturing facility for $8.7 million as part of its Project SWIFT initiative. The sale aims to streamline operations by consolidating them into existing facilities in Guadalupe, California, and Bowling Green, Ohio. This divestment, expected to close in early September, follows a previous asset sale of a salad dressing facility for $4.85 million. The company remains committed to increasing shareholder value through strategic realignment and resilient growth despite challenges posed by the pandemic.

Landec Corporation (Nasdaq: LNDC) reported its fiscal 2020 fourth quarter and full year results on August 11, 2020. Total revenues for Q4 reached $156.1 million, a 2.2% increase year-over-year, while full-year revenues were $590.4 million, up 5.9%. The company posted a net loss of $15.1 million for Q4, including significant charges related to restructuring and goodwill impairment. Adjusted EBITDA improved by 19.2% to $14.1 million. Looking forward, Landec projects fiscal 2021 revenues between $530 million and $550 million, anticipating growth in its Lifecore segment.

Landec Corporation (Nasdaq: LNDC) will hold a conference call on August 11, 2020, at 2 p.m. Pacific time to discuss its Q4 and fiscal year 2020 financial results. The reports will be released after market close on the same day. The call will be hosted by President and CEO Dr. Albert Bolles along with CFO Brian McLaughlin and Lifecore President Jim Hall, followed by a Q&A session. Landec operates two businesses: Curation Foods, focused on plant-based offerings, and Lifecore Biomedical, specializing in contract development for injectable pharmaceuticals.

Landec Corporation (LNDC) announced updates on its Curation Foods turnaround initiatives under Project SWIFT, aiming for strategic transformation and cost savings of $11 million annually. The closure of its Hanover, PA facility will consolidate operations, enhancing productivity and customer service. Preliminary Q4 FY2020 results indicate revenues of approximately $156.1 million, with significant net losses driven by COVID-19-related disruptions. Lifecore reported strong performance despite temporary inefficiencies. Actual results will be available in August 2020.